Synopsis
Among auto-ancillaries, companies fall into four buckets. First, are those that read the writing on the wall early and began investing in EV-focused capabilities years ago, some even before their OEM customers firmed up their own plans. Second, those that moved later, largely because their customers were unsure about their EV roadmap and timelines. Third, those that simply misjudged the pace of transition and were caught off guard by how quickly EV adoption picked up. And fourth, firms for whom the shift is almost impossible to ride, because the components they make have little or no relevance in an EV world. Given this, there is, naturally, a realignment in the auto ancillary space.
After the GST rate rationalisation, the auto sector has been one of the best-performers on the street (even the December sales numbers have been good). Now, if the auto sector is doing well, auto ancillaries are also bound to do better. Right? Not necessarily. Unlike two-three years ago, when the winners were clearly identifiable, the picture is very different this time. There is a clear division between companies that have been able to adapt to
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